PAULX vs. VOO

Last updated Jun 4, 2026

PAULX (T. Rowe Price U.S. Large-Cap Core Fund) and VOO (Vanguard S&P 500 ETF) are both funds - PAULX is a Large Cap Blend Equities fund managed by T. Rowe Price, while VOO is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, PAULX returned 13.25%/yr vs 15.56%/yr for VOO. With a 0.97 correlation, they move nearly in lockstep. PAULX charges 0.97%/yr vs 0.03%/yr for VOO.

Performance

PAULX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAULX achieves a 8.96% return, which is significantly lower than VOO's 10.91% return. Over the past 10 years, PAULX has underperformed VOO with an annualized return of 13.25%, while VOO has yielded a comparatively higher 15.56% annualized return.

PAULX

• 1D: 0.34%
• 1M: 3.41%
• YTD: 8.96%
• 6M: 8.59%
• 1Y: 20.06%
• 3Y*: 19.40%
• 5Y*: 11.62%
• 10Y*: 13.25%

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PAULX vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAULX T. Rowe Price U.S. Large-Cap Core Fund	8.96%	12.43%	22.59%	22.23%	-15.42%	25.18%	15.25%	29.16%	-3.65%	20.22%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between PAULX and VOO is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 10, 2010	0.97

The correlation between PAULX and VOO has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

PAULX vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAULX

PAULX Risk / Return Rank: 43
PAULX Sharpe Ratio Rank: 41
PAULX Sortino Ratio Rank: 40
PAULX Omega Ratio Rank: 41
PAULX Calmar Ratio Rank: 40
PAULX Martin Ratio Rank: 53

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAULX vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PAULX	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.39	-0.51
Sortino ratio: Return per unit of downside risk	2.65	3.25	-0.61
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	2.40	3.16	-0.77
Martin ratio: Return relative to average drawdown	10.83	14.73	-3.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAULX vs. VOO - Sharpe Ratio Comparison

The current PAULX Sharpe Ratio is 1.88, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PAULX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAULX	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.39	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.83	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	0.87	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.89	-0.03

Drawdowns

PAULX vs. VOO - Drawdown Comparison

The maximum PAULX drawdown since its inception was -33.69%, roughly equal to the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PAULX and VOO.

Drawdown Indicators

	PAULX	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-33.69%	-33.99%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-8.90%	+0.29%
Max Drawdown (3Y) Largest decline over 3 years	-17.33%	-18.69%	+1.36%
Max Drawdown (5Y) Largest decline over 5 years	-23.11%	-24.52%	+1.41%
Max Drawdown (10Y) Largest decline over 10 years	-33.69%	-33.99%	+0.30%
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-3.69%	-3.69%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	1.91%	-0.01%

Volatility

PAULX vs. VOO - Volatility Comparison

T. Rowe Price U.S. Large-Cap Core Fund (PAULX) and Vanguard S&P 500 ETF (VOO) have volatilities of 2.96% and 2.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAULX	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	2.84%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	8.90%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	11.80%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.97%	16.81%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	18.01%	-1.03%

PAULX vs. VOO - Expense Ratio Comparison

PAULX has a 0.97% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

PAULX vs. VOO - Dividend Comparison

PAULX's dividend yield for the trailing twelve months is around 6.79%, more than VOO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAULX T. Rowe Price U.S. Large-Cap Core Fund	6.79%	7.40%	6.30%	0.16%	4.05%	6.85%	0.59%	3.21%	7.52%	2.10%	0.59%	5.25%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both PAULX and VOO in my portfolio?

With a correlation of 0.95, PAULX and VOO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PAULX or VOO?

PAULX has higher volatility (2.96%) compared to VOO (2.84%). In terms of maximum drawdown, PAULX dropped -33.69% vs VOO's -33.99%.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (2.39 vs 1.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.